Nikkei falls on profit-booking as boost from Yellen call fades
Reuters
Published Jan 20, 2021 07:34
TOKYO, Jan 20 (Reuters) - Japanese shares retreated from
early gains on Wednesday on profit-booking as U.S. Treasury
Secretary nominee Janet Yellen's call for big spending was not
perceived by investors as surprising.
Nikkei share average .N225 edged down 0.38% to 28,523.26,
while the broader Topix .TOPX inched down 0.34% to 1,849.58.
Asian shares climbed to a record high as Yellen advocated
for a hefty fiscal relief package to help the world's largest
economy ride out a pandemic-driven slump. However, there was no fresh reaction in the Japanese market
as Yellen's remarks have been reported by media in advance, said
Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS
Asset Management.
"Yellen's speech was fully priced in today's market.
Investors are selling shares for profit taking," Ichikawa said.
The decline is capped by chip and electronic component
shares. Taiyo Yuden 6976.T rose 3.92% and Tokyo Electron
8035.T gained 0.9%. Rohm Co 6963.T rose 1.02% and TDK Corp
6762.T was up 0.4%.
Tokyo Electric Power 9501.T surged 7.63% as Japan's
wholesale electricity prices rose because power providers were
desperate for supplies to meet demand for heating in the cold
weather.
There were 120 advancing stocks on the Nikkei index, against
101 decliners.
ANA Holdings 9202.T fell 3.35% after Jiji press reported
the airline would post its worst current profit for nine months
through December. Japan Airlines 9201.T fell 1.77%.
The largest percentage gainer in the index was Sumitomo
Chemical Co 4005.T , which jumped 9.65%.
The largest percentage losers in the index were Daiichi
Sankyo Co 4568.T , which fell 3.97 %, followed by Keio Corp
9008.T losing 3.9%.
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Written By: Reuters
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